N-Q

PRINCIPAL AMOUNT				VALUE
Corporate Bonds (22.4%)
		Consumer Discretionary (6.8%)
	2,255,000		Dana Financing Luxembourg Sarl*~ 6.500%, 06/01/26	$	2,395,938
	6,584,000		DISH DBS Corp.~ 6.750%, 06/01/21		7,086,030
	902,000		ESH Hospitality, Inc.* 5.250%, 05/01/25		907,074
	2,706,000		GameStop Corp.*~^ 6.750%, 03/15/21		2,756,738
	4,058,000		Golden Nugget, Inc.* 8.500%, 12/01/21		4,354,741
	5,446,000		Goodyear Tire & Rubber Company~µ 8.750%, 08/15/20		6,487,547
	4,509,000		MGM Resorts International 6.750%, 10/01/20		4,996,536
	1,804,000		Neiman Marcus Group Ltd., LLC*^ 8.000%, 10/15/21		1,120,735
	2,962,000		Netflix, Inc. 5.500%, 02/15/22		3,187,852
					33,293,191
		*Consumer Staples (1.1%)*
	891,000		Post Holdings, Inc.* 6.750%, 12/01/21		944,460
	4,419,000		Smithfield Foods, Inc.µ 6.625%, 08/15/22		4,681,003
					5,625,463
		*Energy (1.4%)*
	6,764,000		SESI, LLC 6.375%, 05/01/19		6,802,047
		*Financials (1.9%)*
	3,542,000		Ally Financial, Inc.µ 6.250%, 12/01/17		3,668,184
	5,411,000		International Lease Finance Corp.~µ 8.750%, 03/15/17		5,456,506
					9,124,690
		*Health Care (2.7%)*
	5,321,000		Endo International, PLC*~‡ 7.250%, 01/15/22		4,852,087
	6,764,000		Tenet Healthcare Corp. 6.750%, 02/01/20		6,742,863
	1,623,000		VPII Escrow Corp.*^ 7.500%, 07/15/21		1,421,139
					13,016,089
		*Industrials (1.8%)*
	1,880,000		Michael Baker International, LLC* 8.250%, 10/15/18		1,901,150
	4,509,000		United Continental Holdings, Inc.µ 6.375%, 06/01/18		4,731,632
	2,134,000		United Rentals North America, Inc. 7.625%, 04/15/22		2,240,700
					8,873,482

PRINCIPAL AMOUNT				Value
		Information Technology (0.7%)
	1,964,000		Alliance Data Systems Corp.* 6.375%, 04/01/20	$	2,004,429
	1,353,000		First Data Corp.*^ 7.000%, 12/01/23		1,436,717
					3,441,146
		*Materials (2.2%)*
	2,706,000		Constellium, NV*^ 8.000%, 01/15/23		2,858,212
	3,157,000		Huntsman International, LLC~ 5.125%, 11/15/22		3,267,495
	4,509,000		Trinseo Materials Operating, SCA*~ 6.750%, 05/01/22		4,748,541
					10,874,248
		*Telecommunication Services (2.8%)*
	4,329,000		Frontier Communications Corp.^ 8.500%, 04/15/20		4,621,207
	1,245,000		Intelsat Jackson Holdings, SA*~^ 8.000%, 02/15/24		1,292,466
	7,125,000		Sprint Corp.^ 7.625%, 02/15/25		7,654,922
					13,568,595
		*Utilities (1.0%)*
	3,507,000		Calpine Corp.*^µ 7.875%, 01/15/23		3,662,623
	1,255,000		NRG Energy, Inc. 7.875%, 05/15/21		1,307,553
					4,970,176

		Total Corporate Bonds (Cost $109,946,136)			109,589,127

Convertible Bonds (83.9%)
		*Consumer Discretionary (14.6%)*
	4,500,000		CalAtlantic Group, Inc.µ 1.250%, 08/01/32		4,641,547
			Ctrip.com International, Ltd.
	2,000,000		1.000%, 07/01/20		2,106,790
	1,920,000		1.250%, 09/15/22*		1,893,322
	5,100,000		DISH Network Corp.* 3.375%, 08/15/26		5,959,630
	1,750,000		Horizon Global Corp. 2.750%, 07/01/22		1,839,688
	3,450,000		Liberty Interactive, LLC*^ 1.750%, 09/30/46		3,886,373
			Liberty Media Corp.
	5,825,000		1.375%, 10/15/23		6,292,340
	3,400,000		2.250%, 09/30/46*		3,644,409
	3,500,000		Liberty Media Corp./Liberty Formula One* 1.000%, 01/30/23		3,559,553
	3,400,000		Macquarie Infrastructure Corp. 2.000%, 10/01/23		3,339,718
	9,125,000		Priceline Group, Inc.^ 0.900%, 09/15/21		9,868,277
	19,950,000		Tesla Motors, Inc.~ 1.250%, 03/01/21		18,790,406

PRINCIPAL AMOUNT					VALUE
	3,750,000			Toll Brothers Finance Corp.µ 0.500%, 09/15/32	$	3,700,444
	1,750,000			World Wrestling Entertainment, Inc.* 3.375%, 12/15/23		1,761,541
						71,284,038
			*Energy (4.0%)*
	6,750,000			Nabors Industries, Inc.* 0.750%, 01/15/24		6,836,940
	1,700,000			Newpark Resources, Inc.* 4.000%, 12/01/21		1,863,251
	4,850,000			PDC Energy, Inc. 1.125%, 09/15/21		5,486,296
	4,700,000			SM Energy Company 1.500%, 07/01/21		5,155,289
						19,341,776
			*Financials (5.8%)*
	7,500,000			Ares Capital Corp.µ 4.375%, 01/15/19		7,700,775
	1,500,000			Blackstone Mortgage Trust, Inc.µ 5.250%, 12/01/18		1,692,915
	2,000,000			Colony Capital, Inc. 3.875%, 01/15/21		2,001,870
	4,150,000	CAD		Element Fleet Management Corp.* 4.250%, 06/30/20		3,271,715
	2,200,000			Jefferies Group, Inc.^µ 3.875%, 11/01/29		2,230,162
	2,900,000			MGIC Investment Corp.*µ 9.000%, 04/01/63		3,734,460
				Prospect Capital Corp.^µ
	2,300,000			5.750%, 03/15/18		2,362,261
	2,000,000			4.750%, 04/15/20		1,964,880
	3,450,000			TCP Capital Corp.*~ 4.625%, 03/01/22		3,439,357
						28,398,395
			*Health Care (14.0%)*
				BioMarin Pharmaceutical, Inc.
	3,400,000			1.500%, 10/15/20^		4,115,258
	2,900,000			0.750%, 10/15/18		3,349,427
	1,500,000			Depomed, Inc. 2.500%, 09/01/21		1,720,868
	4,165,000			Emergent Biosolutions, Inc. 2.875%, 01/15/21		5,108,206
	3,350,000			Evolent Health, Inc.* 2.000%, 12/01/21		3,612,054
	6,000,000			HealthSouth Corp.µ 2.000%, 12/01/43		6,838,530
	6,100,000			Hologic, Inc.^µ‡ 2.000%, 03/01/42		8,346,081
	1,460,000			Incyte Corp. 1.250%, 11/15/20		3,528,747
	3,450,000			Insulet Corp.* 1.250%, 09/15/21		3,413,206
	4,500,000			Ionis Pharmaceuticals, Inc. 1.000%, 11/15/21		4,477,567
	3,275,000			Ironwood Pharmaceuticals, Inc. 2.250%, 06/15/22		3,657,160
	4,500,000			Jazz Investments I, Ltd.^µ 1.875%, 08/15/21		4,525,447
	6,100,000			Medidata Solutions, Inc. 1.000%, 08/01/18		6,577,203

PRINCIPAL AMOUNT				VALUE
	2,750,000		Molina Healthcare, Inc.^µ 1.625%, 08/15/44	$	3,204,190
	4,550,000		NuVasive, Inc.* 2.250%, 03/15/21		6,021,015
					68,494,959
		*Industrials (5.6%)*
	3,350,000		Aerojet Rocketdyne Holdings, Inc.* 2.250%, 12/15/23		3,336,885
	2,500,000		Air Lease Corp.µ 3.875%, 12/01/18		3,495,425
	3,300,000		Atlas Air Worldwide Holdings, Inc. 2.250%, 06/01/22		3,421,011
	5,800,000		Dycom Industries, Inc. 0.750%, 09/15/21		6,320,927
	1,750,000		Greenbrier Companies, Inc. 3.500%, 04/01/18		2,300,725
	3,500,000		Trinity Industries, Inc.µ 3.875%, 06/01/36		4,418,592
	3,400,000		Tutor Perini Corp.*µ 2.875%, 06/15/21		4,083,655
					27,377,220
		*Information Technology (33.9%)*
	1,725,000		Advanced Micro Devices, Inc. 2.125%, 09/01/26		2,569,819
	5,935,000		Citrix Systems, Inc.µ 0.500%, 04/15/19		6,872,018
	3,400,000		Cypress Semiconductor Corp.*^µ 4.500%, 01/15/22		3,907,110
	2,003,000		Euronet Worldwide, Inc.~^µ 1.500%, 10/01/44		2,289,669
	6,700,000		Finisar Corp.* 0.500%, 12/15/36		6,759,630
	3,425,000		Inphi Corp.*^ 0.750%, 09/01/21		3,701,826
			Intel Corp.
	5,900,000		3.250%, 08/01/39µ		10,502,265
	5,200,000		3.479%, 12/15/35~^		7,129,486
	2,500,000		Knowles Corp.* 3.250%, 11/01/21		3,053,675
	7,400,000		Microchip Technology, Inc.~ 1.625%, 02/15/25		10,075,507
	3,850,000		Micron Technology, Inc.µ 3.125%, 05/01/32		9,669,236
	3,500,000		Nice Systems, Inc.* 1.250%, 01/15/24		3,737,493
	3,500,000		Novellus Systems, Inc.~µ 2.625%, 05/15/41		11,875,360
	1,100,000		NVIDIA Corp.µ 1.000%, 12/01/18		5,985,831
	8,925,000		NXP Semiconductors, NV 1.000%, 12/01/19		10,153,258
	3,500,000		ON Semiconductor Corp.^ 1.000%, 12/01/20		3,656,363
	3,375,000		Palo Alto Networks, Inc.µ 0.000%, 07/01/19		4,811,451
	3,250,000		Pandora Media, Inc. 1.750%, 12/01/20		3,363,734
	4,750,000		Proofpoint, Inc.^ 0.750%, 06/15/20		5,675,775
	4,125,000		Red Hat, Inc.^µ 0.250%, 10/01/19		5,032,851
	3,275,000		Rovi Corp. 0.500%, 03/01/20		3,241,726

PRINCIPAL AMOUNT				VALUE
	8,545,000		Salesforce.com, Inc.^µ 0.250%, 04/01/18	$	10,806,947
	4,300,000		ServiceNow, Inc.^ 0.000%, 11/01/18		5,718,183
	9,600,000		SunEdison, Inc.*@ 0.250%, 01/15/20		262,128
	4,500,000		Synchronoss Technologies, Inc.^ 0.750%, 08/15/19		4,709,205
	3,325,000		Teradyne, Inc.*^ 1.250%, 12/15/23		3,759,045
	3,500,000		Veeco Instruments, Inc. 2.700%, 01/15/23		3,425,678
	2,475,000		WebMD Health Corp.* 2.625%, 06/15/23		2,343,738
			Workday, Inc.
	7,300,000		1.500%, 07/15/20		9,017,361
	1,300,000		0.750%, 07/15/18~µ		1,502,664
					165,609,032
		*Materials (1.4%)*
	3,000,000		Royal Gold, Inc. 2.875%, 06/15/19		3,282,915
	3,200,000		RTI International Metals, Inc. 1.625%, 10/15/19		3,504,864
					6,787,779
		*Real Estate (3.9%)*
	4,200,000		Colony Starwood Homes* 3.500%, 01/15/22		4,256,910
	1,500,000		Empire State Realty OP, LP*µ 2.625%, 08/15/19		1,707,690
	3,400,000		IAS Operating Partnership, LP* 5.000%, 03/15/18		3,459,653
	3,300,000		Spirit Realty Capital, Inc.^µ 3.750%, 05/15/21		3,451,635
	5,800,000		Starwood Property Trust, Inc.^µ 4.550%, 03/01/18		6,294,044
					19,169,932
		*Utilities (0.7%)*
	3,400,000		NRG Yield, Inc.* 3.250%, 06/01/20		3,312,620

			Total Convertible Bonds (Cost $421,954,356)		409,775,751

	SYNTHETIC CONVERTIBLE SECURITIES (2.9%) ¤
	*Corporate Bonds (2.5%)*
		*Consumer Discretionary (0.7%)*
	245,000		Dana Financing Luxembourg Sarl*~ 6.500%, 06/01/26		260,313
	716,000		DISH DBS Corp.~ 6.750%, 06/01/21		770,595
	98,000		ESH Hospitality, Inc.* 5.250%, 05/01/25		98,551
	294,000		GameStop Corp.*~^ 6.750%, 03/15/21		299,513
	442,000		Golden Nugget, Inc.* 8.500%, 12/01/21		474,321
	592,000		Goodyear Tire & Rubber Company~µ 8.750%, 08/15/20		705,220

PRINCIPAL AMOUNT				VALUE
	491,000		MGM Resorts International 6.750%, 10/01/20	$	544,089
	196,000		Neiman Marcus Group Ltd., LLC*^ 8.000%, 10/15/21		121,765
	322,000		Netflix, Inc. 5.500%, 02/15/22		346,552
					3,620,919
		*Consumer Staples (0.1%)*
	97,000		Post Holdings, Inc.* 6.750%, 12/01/21		102,820
	481,000		Smithfield Foods, Inc.µ 6.625%, 08/15/22		509,519
					612,339
		*Energy (0.2%)*
	736,000		SESI, LLC 6.375%, 05/01/19		740,140
		*Financials (0.2%)*
	385,000		Ally Financial, Inc.µ 6.250%, 12/01/17		398,716
	589,000		International Lease Finance Corp.~µ 8.750%, 03/15/17		593,953
					992,669
		*Health Care (0.3%)*
	579,000		Endo International, PLC*~‡ 7.250%, 01/15/22		527,975
	736,000		Tenet Healthcare Corp. 6.750%, 02/01/20		733,700
	177,000		VPII Escrow Corp.*^ 7.500%, 07/15/21		154,986
					1,416,661
		*Industrials (0.2%)*
	204,000		Michael Baker International, LLC* 8.250%, 10/15/18		206,295
	491,000		United Continental Holdings, Inc.µ 6.375%, 06/01/18		515,243
	232,000		United Rentals North America, Inc. 7.625%, 04/15/22		243,600
					965,138
		*Information Technology (0.1%)*
	214,000		Alliance Data Systems Corp.* 6.375%, 04/01/20		218,405
	147,000		First Data Corp.*^ 7.000%, 12/01/23		156,096
					374,501
		*Materials (0.3%)*
	294,000		Constellium, NV*^ 8.000%, 01/15/23		310,538
	343,000		Huntsman International, LLC~ 5.125%, 11/15/22		355,005
	491,000		Trinseo Materials Operating, SCA*~ 6.750%, 05/01/22		517,084
					1,182,627

PRINCIPAL AMOUNT				VALUE
		Telecommunication Services (0.3%)
	471,000		Frontier Communications Corp.^ 8.500%, 04/15/20	$	502,792
	135,000		Intelsat Jackson Holdings, SA*~^ 8.000%, 02/15/24		140,147
	775,000		Sprint Corp.^ 7.625%, 02/15/25		832,641
					1,475,580
		*Utilities (0.1%)*
	382,000		Calpine Corp.*^µ 7.875%, 01/15/23		398,951
	137,000		NRG Energy, Inc. 7.875%, 05/15/21		142,737
					541,688
		Total Corporate Bonds			11,922,262

NUMBER OF
CONTRACTS			VALUE
*Purchased Options (0.4%) #*
		*Information Technology (0.4%)*
	100	Alphabet, Inc.
		Call, 01/19/18, Strike $750.00	1,189,000
	1,000	Take-Two Interactive Software, Inc.
		Call, 01/19/18, Strike $50.00	915,000
		Total Purchased Options	2,104,000

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES
		(Cost $13,659,128)	14,026,262

NUMBER OF SHARES				VALUE
Convertible Preferred Stocks (28.2%)
		Energy (3.5%)
	61,000		CenterPoint Energy, Inc. (Time Warner, Inc., Charter Communications, Time, Inc.)µ‡§ 4.184%		4,260,149
	86,450		Hess Corp.µ 8.000%		5,575,160
	151,075		Southwestern Energy Companyµ 6.250%		3,343,290
	66,000		WPX Energy, Inc.µ 6.250%		4,108,500
					17,287,099
		*Financials (8.2%)*
	164,000		Affiliated Managers Group, Inc.^ 5.150%		9,315,429
	10,675		Bank of America Corp.~µ 7.250%		12,727,269
	17,347		Virtus Investment Partners, Inc. 7.250%		1,729,929
	13,555		Wells Fargo & Companyµ 7.500%		16,280,233
					40,052,860

NUMBER OF SHARES				VALUE
		Health Care (5.7%)
	22,100		Allergan, PLCµ 5.500%	$	17,491,929
	210,225		Anthem, Inc.µ 5.250%		10,183,299
					27,675,228
		*Industrials (0.7%)*
	67,000		Rexnord Corp. 5.750%		3,556,360
		*Information Technology (0.8%)*
	34,000		Belden, Inc.µ 6.750%		3,640,040
		*Materials (0.4%)*
	58,400		Arconic, Inc.µ 5.375%		2,141,528
		*Real Estate (0.9%)*
	76,025		Welltower, Inc.µ 6.500%		4,560,740
		*Telecommunication Services (1.8%)*
	34,000		Alibaba Exchangeable (Softbank)*§ 5.750%		4,204,950
	44,325		T-Mobile USA, Inc.µ 5.500%		4,528,242
					8,733,192
		*Utilities (6.2%)*
	121,000		Dominion Resources, Inc.^µ 6.375%		6,126,230
	68,875		DTE Energy Companyµ 6.500%		3,623,576
	172,350		Exelon Corp.µ 6.500%		8,543,389
	68,000		Great Plains Energy, Inc. 7.000%		3,483,640
			NextEra Energy, Inc.^
	105,100		6.123%		5,262,357
	55,000		6.371%µ		3,240,600
					30,279,792

		Total Convertible Preferred Stocks (Cost $143,024,101)			137,926,839
Common Stocks (1.7%)
		*Consumer Discretionary (1.1%)*
	120,432		Lennar Corp. - Class A^		5,377,289
		*Health Care (0.6%)*
	17,157		Illumina, Inc.^µ#		2,746,835

		Total Common Stocks (Cost $10,364,581)			8,124,124
Short Term Investments (0.8%)
	1,992,304		Fidelity Prime Money Market Fund - Institutional Class		1,993,101

NUMBER OF SHARES			VALUE
1,978,233		Morgan Stanley Institutional Liquidity Funds - Government Portfolio	$	1,978,233

	Total Short Term Investments (Cost $3,971,334)			3,971,334

TOTAL INVESTMENTS (139.9%) (Cost $702,919,636)				683,413,437

LIABILITIES, LESS OTHER ASSETS (-39.9%)				(194,944,031	)

NET ASSETS (100.0%)			$	488,469,406

NUMBER OF CONTRACTS				VALUE
Written Options (-0.2%) #
		*Consumer Discretionary (-0.1%)*
	1,200		Lennar Corp. Call, 05/19/17, Strike $44.00		(345,000	)
					(345,000	)
		*Health Care (0.0%)*
	90		Illumina, Inc. Call, 03/17/17, Strike $170.00		(41,400	)
	375		NuVasive, Inc. Call, 03/17/17, Strike $70.00		(136,875	)
					(178,275	)
		*Information Technology (-0.1%)*
	1,275		Micron Technology, Inc. Call, 04/21/17, Strike $23.00		(315,563	)
	275		NVIDIA Corp. Call, 03/17/17, Strike $120.00		(85,937	)
					(401,500	)

			Total Written Options (Premium $802,507)		(924,775	)

NOTES TO SCHEDULE OF INVESTMENTS
*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
~		Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $19,472,648.
^		Security, or portion of security, is on loan.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $261,416,869. $45,187,593 of the collateral has been re-registered by one of the counterparties, BNP (see Note 3 - Borrowings).
‡		Variable rate or step bond security. The rate shown is the rate in effect at January 31, 2017.
@		In default status and considered non-income producing.

¤		The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.
§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
#		Non-income producing security.

FOREIGN CURRENCY ABBREVIATION
CAD		Canadian Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

Organization. Calamos Dynamic Convertible and Income Fund (the “Fund”) was organized as a Delaware statutory trust on March 11, 2014 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 27, 2015.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, at least 80% of the Fund’s managed assets will be invested in convertible securities and income-producing securities, with at least 50% of the Fund’s managed assets invested in convertible securities (including synthetic convertible securities, which are single instruments, or multiple instruments held in concert, that are composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities). The Fund may invest up to 50%of its managed assets in securities of foreign issuers, with up to 15% of its managed assets in securities issued by foreign issuers in emerging markets. The Fund may invest up to 20% of its managed assets in high-yield non-convertible bonds (excluding such securities held to create synthetic convertible securities). “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Significant Accounting Policies. The schedule of investments have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of January 31, 2017.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the

risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The cost basis of investments for federal income tax purposes at January 31, 2017 was as follows*:

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

The Fund, with the approval of its board of trustees, including its independent trustees, has entered into a financing package that includes a Committed Facility Agreement (the “BNP Agreement”) with BNP Paribas Prime Brokerage International Ltd. (“BNP”) that allows the Fund to borrow up to $135.0 million and a lending agreement, “Lending Agreement” as defined below. In addition, the financing package also includes a Credit Agreement (the “SSB Agreement”, together with the BNP Agreement, “Agreements”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to a limit of $135.0 million, and a related securities lending authorization agreement (“Authorized Agreement”). Borrowings under the BNP Agreement and the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). BNP and SSB share an equal claim on the pledged collateral, subject to any adjustment that may be agreed upon between the lenders. Interest on the BNP Agreement is charged at the three month LIBOR (London Inter-bank Offered Rate) plus .65% on the amount borrowed and .55% on the undrawn balance. Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR plus .80% and .10% on the undrawn balance (if the undrawn amount is more than 75% of the borrowing limit, the commitment fee is .20%). For the period ended January 31, 2017, the average borrowings under the Agreements were $195.0 million. For the period ended January 31, 2017, the average interest rate was 1.55%. As of January 31, 2017, the amount of total outstanding borrowings was $195.0 million ($48.8 million under the BNP Agreement and $146.2 million under the SSB Agreement), which approximates fair value. The interest rate applicable to the borrowings on January 31, 2017 was 1.25%.

The Lending Agreement with BNP is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the BNP Agreement. The Lending Agreement is intended to permit the Fund to significantly reduce the cost of its borrowings under the BNP Agreement. BNP may re-register the Lent Securities in its own name or in another name other than the Fund, and may pledge, re-pledge, sell, lend or otherwise transfer or use the Lent Securities with all attendant rights of ownership. (It is the Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) The Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities. The dividend and interest payments are recorded as Dividend or Interest payments in the Statement of Operations. Earnings made by the lent securities are disclosed on a net basis as Securities Lending Income in the Statement of Operations.

Under the terms of the Lending Agreement with BNP, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable for the ultimate delivery of such Lent Securities, or equivalent securities, to be made to the Fund’s custodian, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

Under the terms of the Authorized Agreement with SSB, all securities lent through SSB must be secured continuously by collateral received in cash, cash equivalents, or U.S. Treasury bills and maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the SSB Agreement. Any amounts credited against the SSB Agreement would count against the Fund’s leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the Authorized Agreement with SSB, SSB will return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate the credit against the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. Under the terms of the Authorized Agreement with SSB, the Fund will make a variable “net income” payment related to any collateral credited against the SSB Agreement which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms of the Authorized Agreement. The Fund has the right to call a loan and obtain the securities loaned at any time. As of January 31, 2017, the Fund used approximately $74.5 million of its cash collateral to offset the SSB Agreement, representing 10.9% of managed assets, and was required to

pay a “net income” payment equal to an annualized interest rate of 0.75%, which can fluctuate depending on interest rates. As of January 31, 2017, approximately $72.8 million of securities were on loan ($67.1 million of fixed income securities and $5.7 million of equity securities) under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities.

Various inputs are used to determine the value of the Fund’s investments. These inputs are categorized into three broad levels as follows:

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund’s investments. Transfers between the levels for investment securities or other financial instruments are measured at the end of the reporting period.

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:		2020 Calamos Court, Naperville Illinois 60563-2787

NAME AND ADDRESS OF AGENT FOR SERVICE:		John P. Calamos, Sr., Chairman, CEO and Co-CIO Calamos Advisors LLC, 2020 Calamos Court, Naperville, Illinois 60563-2787

Cost basis of investments	$	702,919,636
Gross unrealized appreciation		28,272,478
Gross unrealized depreciation		(47,778,677	)
Net unrealized appreciation (depreciation)	$	(19,506,199	)


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	109,589,127	$	—	$	109,589,127
Convertible Bonds		—		409,775,751		—		409,775,751
Synthetic Convertible Securities (Corporate Bonds)		—		11,922,262		—		11,922,262
Synthetic Convertible Securities (Purchased Options)		2,104,000		—		—		2,104,000
Convertible Preferred Stocks		114,792,806		23,134,033		—		137,926,839
Common Stocks U.S.		8,124,124		—		—		8,124,124
Short Term Investments		3,971,334		—		—		3,971,334
Total	$	128,992,264	$	554,421,173	$	—	$	683,413,437
Liabilities:
Written Options	$	924,775	$	—	$	—	$	924,775
Total	$	924,775	$	—	$	—	$	924,775


Calamos Dynamic Convertible And Income Fund

By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 3, 2017


Calamos Dynamic Convertible And Income Fund

By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 3, 2017

By:		/s/ Thomas Herman
Name:		Thomas Herman
Title:		Principal Financial Officer
Date:		March 3, 2017